Alex Mashinsky Faces 30 Years in Prison for Role in Collapse of Celsius
Celsius founder and former CEO Alex Mashinsky is facing up to 30 years of jail time after pleading guilty to charges linked to the collapse of the bankrupt crypto lender.
According to the U.S. Attorney’s Office, Southern District of New York, Mashinsky on Tuesday pleaded guilty to one count of committing commodities fraud for misleading customers about Celsius’ profitability and the nature of the investments that the company made.
Mashinsky also pleaded guilty to one count of committing securities fraud, which involved illegally manipulating and artificially inflating the price of Celsius’ CEL token. The scheme enabled the 59-year-old to sell his own holdings for a substantial profit, earning him millions in gains.
U.S. Attorney for the Southern District of New York Damian Williams says Mashinsky orchestrated one of the biggest frauds in the crypto industry.
“He lured ordinary, retail crypto investors into investing billions of dollars in Celsius with false promises that their investments were low-risk. Using catchy slogans like ‘Unbank Yourself,’ Mashinsky promised that Celsius would keep customers’ crypto as safe as money in a bank, but that, unlike a bank, Celsius returned most of the profits from its business back to users. In reality, Celsius was never profitable.”
Mashinsky will forfeit over $48 million in proceeds from his schemes as part of the plea deal. Reuters reports he also agreed not to appeal any sentence of 30 years or less.
The sentencing is set for April 8th.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Alex Mashinsky Faces 30 Years in Prison for Role in Collapse of Celsius appeared first on The Daily Hodl.
Read More
Man Faces Six Years in Prison After Omitting $12,302,115 in CryptoPunk NFT Sales From Tax Filing
Retail Demand Surges for Bitcoin: The Journey Towards $100K and Beyond Begins?
Bitcoin has once again captured the spotlight as retail demand surges to levels not seen since 2020. CryptoQuant analyst Darkfost recently analyzed this development in a report titled “Bitcoin retails Investor demand is surging”
According to the analyst, the 30-day change in retail investor demand has reached its highest point in years, indicating a renewed interest in Bitcoin among smaller investors. This resurgence comes at a time when long-term holders are gradually realizing profits, hinting at a shifting market stance.
$100k Now Possible Than Ever?
The growing participation of retail investors often serves as a double-edged sword for the market. On one hand, it reflects increased engagement and optimism, which can drive demand higher. On the other hand, historical trends suggest that heightened retail activity frequently coincides with local market tops.
Darkfost highlighted that Bitcoin appears to be entering a period of sideways trading, with prices ranging between key resistance and support levels. This phase of consolidation could lead to a temporary decline in retail demand as momentum slows.
However, the analyst also suggested that a break above the $100,000 psychological barrier could reignite retail interest, potentially triggering a euphoric phase in the market. Historically, such euphoric phases have been characterized by steep price increases, driven by an influx of both retail and institutional capital.
Darfost wrote:
Monitoring the interplay between retail and institutional activity during this phase will be crucial, as strong retail participation often signals heightened market optimism, while institutional interest provides the foundation for sustained momentum.
Bitcoin Market Performance
Bitcoin now appears to be seeing a gradual resume in its price recovery after recent days of slightly to no movement. At the time of writing, Bitcoin is up by 1.4% in the past day with a current trading price of $95,713, at the time of writing.
This brings BTC to roughly 3.9% decrease away from its all-time high of $99,645 seen in November. Additionally, this price mark has brought BTC market capitalization to $1.89 trillion as of today, with a 24-hour trading volume of $83.5 billion.
Regardless of this sluggish price movement in BTC, analysts are still quite bullish on Bitcoin. Renowned crypto analyst known as Captain Faibik for instance has recently disclosed in a post on X that Bitcoin is still poised for a rally.
Marking out a symmetrical triangle pattern formation on BTC’s daily chart, the analyst put the target for BTC at above $105,000.
$BTC Next bullish Rally could be just Around the Corner..
Next Stop : $106K
#Crypto #Bitcoin #BTC pic.twitter.com/KSIdwxI2uN
— Captain Faibik
(@CryptoFaibik) December 3, 2024
Featured image created with DALL-E, Chart from TradingView
Read More
On-Chain Clues Suggest Bitcoin Bounce Might Be a False Signal—Here’s What to Know
